Real estate company Unique Properties claims that with record-breaking sales in March 2023, Dubai’s real estate sector saw outstanding success.
In the first quarter (Q1) of 2023, the city saw 29,323 real estate transactions, with 11,597 units being registered in just March. These numbers represent a 47.3% rise from 2022, mostly as a result of an increase of 96.1% in off-plan deals and an increase of 12.4% in secondary market transactions.
However, the cost of living has increased as a result of the surge in demand. The cost of a home in Dubai has increased on average by 12.8%, with villa prices rising by 14.8% and apartments’ prices rising by 12.4%.
Prices for apartments and villas per square foot have dramatically climbed in Dubai’s upscale neighbourhoods, including Jumeirah and Palm Jumeirah. The founder and CEO of Unique Properties, Arash Jalili, claims that the record-breaking sales in Q1 2023 are proof of the strong demand for real estate.
According to Arash, the pattern will hold throughout the future months as well. Another element influencing Dubai’s real estate market was disclosed in a recent Knight Frank analysis titled “Dubai’s Branded Residential Market 2023”.
With a projected 2,000 further units to be added in 2023, it claimed that branded apartments have produced AED 25.4 billion in sales. The Bulgari Lighthouse, a lavish 38,970 square foot penthouse on Jumeirah Bay Island that sold for AED 410 million earlier this year and featured more than 13,000 square feet of balcony and terrace space, was also referenced in the report.